Manmohan Singh's key reforms that shaped Indian economy
India Today"I honestly believe that history will be kinder to me than the contemporary media, or for that matter, the opposition parties in Parliament," Dr Manmohan Singh famously said in 2014 towards the end of his second term as the Prime Minister. THE 1991 ECONOMIC REFORMS Manmohan Singh’s reforms were centred around liberalisation, privatisation, and globalisation, which fundamentally changed the Indian economy. Industrial policy reforms: Abolishing the Licence Raj - On July 24, 1991, Singh presented a new industrial policy that ended the ‘Licence Raj.’ Previously, industries required government approval for most operations, including expansion and production. As Prime Minister, he championed initiatives that targeted India’s rural and underprivileged population, recognising that economic growth alone could not bridge the gap between urban and rural India. As India mourns his loss, history indeed remembers Dr Manmohan Singh kindly—as the architect of modern India’s economic journey and a leader whose policies continue to shape the nation’s future.